United States-based Amgen has agreed to acquire Nuevolution, a Denmark-based small molecule drug discovery platform biotech firm, it was reported yesterday.

The deal is valued at around USD167m. The company's offer represents a premium of 169% compared to the closing price of Nuevolution's shares on Nasdaq Stockholm on 21 May 2019.

The transaction will enable integrating Nuevolution's technology and drug discovery expertise with Amgen's experience and capabilities in research and development, manufacturing and commercialisation, and Amgen says that this will help it to increase its ability to serve patients across its selected areas.